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Northwestern University 

Vol.vm f July 1908 No. 2 

S[nnoimceinant i^om^ou 


Lake Sf Dearborn Streets 



Ignnouncement i^om^o^ 




5 — Monday . . 


6 — Tuesday . . 


26 — Thursday . . 


23 — Wednesday . 



4 — Monday . . 


28 — Thursday . . 


8 — Monday . . 


22 — Monday . . 


12 — Monday . . 


27 — Thursday. . 


30 — Sunday. . . 


I — Tuesday . . 


2 — ^Wednesday . 


2 — Wednesday . 


3 — ^Thursday. . 


22 — Tuesday . . 


31 — Saturday . . 


Formal Opening of the School of 


Regular class work begins 

Thanksgiving, a holiday 

Christmas recess begins 

Class work resumed 

Founders' Day 

Second half year begins 

Washington's Birthday, a holiday 

Easter Monday, a holiday 

Instruction closes 

Baccalaureate Sermon at Evanston 

Meeting of the Corporation 

University Day 

President's Annual Reception 

The Fifty-first 

Annual Commencement of 

Northwestern University 

Summer School begins at Evanston 

Summer School closes 


Plan of Organization 

Guarantor's Agreement 

(i) The undersigned subscribers to this agreement shall constitute a Board of 
Guarantors who, through an Executive Committee, shall supervise the finances of the 
School of Commerce, who shall authorize all expenditures, and to whom a detailed 
financial statement shall be submitted annually. The acts of the Board of Guarantors 
and of its committees shall be subject to the approval of the Executive Committee of 
the Board of Trustees. 

(2) The business and financial management of the School shall be vested in an 
Executive Committee of the Board of Guarantors, consisting of the President of the 
University, ex-officio, and of seven members, one of whom shall directly represent 
Northwestern University, three shall be members of the Board of Guarantors, and three 
shall be members of the Illinois Society of Certified PubHc Accountants. The repre- 
sentative of the University shall be its Business Manager and he shall be Treasurer of 
the School. 

(3) In consideration of the financial obligation assumed by this Board of Guarantors, 
the trustees of Northwestern University, as parties to this agreement, agree to permit 
the use of such available rooms in the Northwestern University Building, at the corner 
of Lake and Dearborn Streets, Chicago, as are necessary for the purposes of said School. 

(4) The School of Commerce shall be an integral part of the University, the payment 
of all fees shall be made through the office of the University in the Northwestern Uni- 
versity Building, at the corner of Lake and Dearborn Streets, in Chicago, the Business 
Manager shall account for fees and disburse funds on requisition in the regular way. 

(5) The trustees of the University, upon recommendation of the faculty of the School 
of Commerce, shall grant a diploma to students who have completed satisfactorily any 
of the prescribed courses. 

(6) The Dean of the School of Commerce, who shall be the administrative officer, 
shall be appointed by the President and trustees of Northwestern University. 

(7) The Dean shall have power to appoint assistants in both instruction and adminis- 
tration, subject to the approval of the President and trustees of the University. 

(8) As soon as the required amount of subscriptions be obtained, upon the written 
request of five guarantors, a meeting of the guarantors in person or by proxy shall be 
held for organization and the appointment of an Executive Committee. 

(9) Except as herein definitely provided the government and conduct of the School 
shall be determined according to the statutes of the University. 

(10) This agreement shall cease and terminate on September 30, 191 1. 

I hereby agree to become a member of the Board of Guarantors of the School of 
Commerce of Northwestern University, and agree to become liable for a sum not to 


exceed the amount set opposite my name, to cover any deficit which may be incurred 
in the operation of said School, under the provisions set forth above. 

Any possible assessment on this subscription shall not exceed such proportion of the 
total deficit as my subscription bears to the total amount subscriped, and said assess- 
ment, if any, shall be payable on the fifteenth day of May of each year covered by this 

This agreement shall notbevaUd until a total of $5,000 shall have been subscribed. 

Board of Guarantors 

Alfred L. Baker 
Adolphus Clay Bartlett 
Harold Bennington 
Charles L. Brown 
R. S. Buchanan 
Edward B. Butler 
J. Fred Butler 
Fayette S. Cable 
James Robert Cardwell 
John Alexander Cooper 
Joseph H. DeFrees 
A. Lowes Dickinson 
Herman J. Dirks 
George W. Dixon 
William A. Dyche 
Charles W. Folds 
David R. Forgan 
Edward E. Gore 
Richard C. Hall 
William F. Hypes 
J. Porter Joplin 
William Kendall 
Edward Chester Kimbell 
Charles S. Ludlam 
John Lee Mahin 
Charles A. Marsh 
James Marwick 
Stethen T. Mather 

L. Wilbur Messer 
E. M. Mills 
S. Roger Mitchell 
Arthur G. Mitten 
LuMAN S. Pickett 
Ernest Reckitt 
William Hinman Roberts 
isadore b. rosenbach 
Albert W. Rugg 
Joseph Schaffner 
Charles H. Schweppe 
John W. Scott 
Elijah W. Sells 
Arch. Wilkinson Shaw 
Georgf a. Sheldon 
Allen R. Smart 
Mason B. Starring 
Joseph E. Sterrett 
Homer A. Stilwell 
Seymour Walton 
Harry A. Wheeler 
L. L. White 
John T. Wilder 
T. Edward Wilder 
Orville G. Williams 
Henry W. Wilmot 
H. A. Winterburn 
Arthur Young 


Executive Committee of the Board of Guarantors 
Abram Winegardner Harris 

President of the University, Chairman ex-ofEcio 

Representing the Chicago Association of Commerce 
Richard C. Hall 

President of the Association of Commerce 

Joseph Schaffner 

Hart, Schaffner £f Marx 

L. Wilbur Messer 

Chairman Association of Commerce Committee on Commercial Of Industrial Education 
General Secretary of the Chicago Central Young Men's Christian Association 

Representing the Illinois Society of Certified Public Accountants 
John Alexander Cooper, C. P.A. 

Vice-President of the IlKnois Society of Certified PubHc Accountants 

Allen R. Smart, C. P. A. 

Manager Barrow, Wade, Guthrie £f Company 

J. Porter Joplin, C. P. A. 

Buchanan, Walton &' Joplin 

William A. Dyche 

Business Manager of Northwestern University 

Finance Committee 
Messrs. Cooper, Dyche and Messer 



Abram Winegardner Harris, Sc.D., LL.D., 
President of the University 

Instructors in Course 

WiLLARD Eugene Hotchkiss, A.M., Ph.D Dean 

Earl Dean Howard, A.M., Ph.D., Assistant Professor of Economics 
Seymour Walton, A.B., C.P.A. . . . Lecturer in Accounting 

Henry G. Phillips, C.P.A Lecturer in Accounting 

Alfred William Bays, A.B., LL.B. Lecturer in Commercial Law 
Frederick Shipp Deibler, A.M. . . Instructor in Economics 
Fred Homer Clutton, A.M Secretary 

Special Lecturers 

Edward B. Butler, Butler Brothers 

George B. Caldwell, Manager, Bond Department, American Trust 

& Savings Bank 
Frederick Adrian Delano, President, Wabash Railroad Company 
John Henry Gray, Professor of Economics and Political Science, 

University of Minnesota 
C. F. HuLBURD, President, Elgin National Watch Company 
Joseph French Johnson, Dean of School of Commerce, New York 

L. Wilbur Messer, General Secretary, Chicago Central Young Men's 

Christian Association 
George E. Roberts, President, Commercial National Bank 

(Director of the Mint, 1898-1907) 
William A. Scott, Director of Course in Commerce, University of 

Arch. Wilkinson Shaw, Editor and Publisher of ''System" 
Towner K. Webster, President, Webster Manufacturing Company 
Harry A. Wheeler, Chairman, Executive Committee of Association 

of Commerce 


Foundation and Aim 

Desirability of The Northwestern University School of Commerce 
University has been established to meet the needs of those 

Training for men w^ho desire to enlarge their opportunities by 
Business systematic study. With the reduction of business 

principles and business practice to teachable form, 
the feasibility of systematic university training for business has be- 
come universally recognized. Efficiency in business is now^ measured 
by definite standards and the elements of permanent value of the 
vast accumulation of successful experience can now be made avail- 
able for young men who are willing to enter on a formal course 
of study. As never before, the highest efficiency in business involves 
ability to see business problems in all their relations. Men who 
have not been trained to take a broad view of business activities can 
no longer hope to rise to positions of command and influence. Busi- 
ness men of wide experience are advising a careful and thorough 
preparation such as the Northwestern University School of Commerce 
is intended to furnish. 

Evening To accommodate the large number of men who 

Courses are precluded by their employment from pursuing 

Leading to regular day work at a university, a three years' 

Diploma in evening course leading to a diploma in commerce 

Commerce will be inaugurated in October of the present year. 

The work will be given four evenings a week be- 
tween the hours of seven and nine, and will continue from October 
fifth until May twenty-seventh. 

Courses A number of men have already availed themselves 

Offered of individual courses oflFered in the Northwestern 

During the University Building during the past season. The 

Past Season course in Finance, given by Professor Earl Dean 

Howard, of the Department of Economics in the 
University, and the course in Accounting, offered by Mr. Seymour 
Walton, C. P. A., President of the Illinois Society of Certified PubHc 
Accountants, have had an aggregate attendance of over sixty students. 
The estabUshment of a full three year course is in direct fulfilment of 



plans contemplated when these individual courses were undertaken. 
Both Professor Howard and Mr. Walton will continue their work as 
members of the instructing staff of the School of Commerce. 

The names of students registered in these courses during 
the past year may be found on page 32 of this announcement. 

School of In establishing the School of Commerce, business 

Commerce men and educators are uniting to meet the urgent 

Supported by need for a broad and fundamental training for 
Chicago's the business career. The School has come about 

Leading through the co-operation of Northwestern Uni- 

Business Men versity with the Chicago Association of Commerce, 
the Illinois Society of Certified Public Accountants, 
the Chicago Chapter of the American Institute of Banking, and the 
public spirited business men whose names are here published as 
guarantors of the School. Members of all the organizations men- 
tioned will participate as members of the Board of Guarantors in the 
responsible management of the School. 

Aim — To The aim of the Northwestern University School 

Increase of Commerce is to broaden the horizon, increase 

Efficiency the efficiency, and promote the progress of its 

and students towards positions of greater responsibility 

Promote and influence. It is not its purpose to replace, 

Progress but rather to supplement and prepare for actual 

of Students business experience. While training its students 

for their future careers, it will endeavor to give 
them with the advantages of university culture, a broader outlook 
upon all the relations of their prospective callings. 

Help The business career is rapidly acquiring, and 

Students to ought to acquire a recognized professional stand- 

Become ing. Every young business man demands a train- 

Leaders in ing which will not only enable him to maintain 

Business his place in the profession, but one which will 

Professions help him to become a leader in raising the standards 

of business efficiency in the broadest and best sense 
of the word. To rise to such a position he must be able to look beyond 
the routine duties of his work and grasp the broader principles upon 
which business success is founded. 



To Adapt At a time when many of our great business firms 

Business were in process of formation, a young man who 

Training to secured a position in a thriving business and grew 

Needs of as the business grew obtained perhaps the train- 

Present Day ing best adapted to the needs of that time. The 
Business situation at present, however, is essentially differ- 

ent. Not only has business become infinitely 
complex and specialized, but the far-reaching public relations of a 
great modern business are demanding more and more qualities of 
mind and spirit which a comprehensive systematic study of business 
in its broader and more fundamental relations is best calculated to 

To Bring the The dearth of men properly qualified for the more 

Opportunities responsible positions is a striking feature of modern 

OF Business business life. Able young men, either from 

Training necessity or from too great haste to engage in 

TO Men business, frequently secure employment without 

Already requisite training to advance to the higher positions. 

Employed Such men, deprived of the promotion for which 
their native abilities, if properly developed, would 

naturally fit them, often waste years in subordinate routine work. With 
the specialization of modern business, it is becoming more and more 
obvious that practical business experience does not, and cannot for 
the great mass of business employees, furnish unaided the kind of 
training that is today demanded in responsible positions. In every 
business center there are hundreds of young men who feel keenly the 
need of the systematic training which it is the aim of the North- 
western University School of Commerce to furnish. 

Need is for Until a few years ago, the only opportunity for 

Training of special business training beyond the common 

University school or high school, was confined to the work 

Grade of elementary ** business colleges." Useful in its 

field as the function of the "business college" has 
doubtless been, it has sought to prepare its students only for the 
routine duties of subordinate clerical positions. The need at present 
is for commercial education of a distinctively university grade. 


Immediate A number of universities have for several years 

Demand conducted day courses in commerce; but only 

Met by those universities which are located in close prox- 

EvENiNG imity to a large city have been able to make their 

Courses work available to that class of students by whom 

it is most needed and appreciated. The evening 
courses not only render the service that is immediately demanded, 
but they can be most effective in bringing about that close contact 
with actual business which is absolutely essential to successful educa- 
tion for leadership in the commercial world. 

University That men regularly employed in various lines of 

Evening business recognize the need for a broader training 

Courses Sue- is demonstrated not only by the large registration 
CESSFUL IN in the courses offered in the Northwestern Univer- 

Other Cities sity Building in Chicago during the past season, 
but also by the success which has attended the 
establishment of evening schools in New York and Philadelphia. 
The evening school of Finance and Accounts of the New York Uni- 
versity has completed its sixth year with over eight hundred students. 
The evening school of Accounts and Finance of the University of 
Pennsylvania has finished its fifth year with six hundred students. 
The students are all employed during the day and receive instruction 
for two hours during four evenings per week in Philadelphia, and 
five in New York; at the end of three years study they receive a diplo- 
ma from the University. 

Commercial The unparalleled advance of German trade and 

Education commerce during the last generation has been 

IN Europe long attributed in large measure to the excellence 

and thoroughness of German commercial educa- 
tion. Other countries are rapidly perfecting their educational sys- 
tems in this regard. In Great Britain, evening schools of commerce 
have experienced a noteworthy development. In Manchester alone, 
the Central Evening School of Commerce, with courses covering the 
field of Commerce and Accounts, as well as courses in political science 
and modern languages, had a registration last year of nearly twenty- 
five hundred students. 


The Univer- Northwestern University occupies an exceptional 
siTY*s Facilities position for work of this kind. Its building at the 
FOR Advanced corner of Lake and Dearborn Streets, Chicago, 
Work in in the heart of the commercial center of the coun- 

Commerce try, is already in use by other departments of the 

University and is fully equipped for educational 
work. Its proximity to all the large libraries of the city offers unusual 
opportunities for study along lines followed in the courses. The 
situation of the school in close contact with the actual business affairs 
of the city makes available a mass of material for study and observa- 
tion which could scarcely be excelled anywhere in the country. 

The School The advantages of location are greatly enhanced 

IS Close to by the plan under which the School is organized. 

THE Business The representatives of the leading business firms 
Community whose names appear on the list of guarantors, 

have shown their direct interest in the work the 
School is undertaking. They are, moreover, through their executive 
committee, responsible for its efficient management. Some of them 
will participate as special lecturers in the work of instruction. The 
interest of these men in addition to keeping the work in line with the 
needs of the business community will offer peculiar advantages to 
graduates of the School. 


Courses of Instruction 

First Year 
Evenings seven to nine 

Accounting, Intermediate — Mondays .... Mr. Phillipps 
Work in accounting during the first year will be given in two sec- 
tions of which the first, or ** intermediate" section will presuppose, 
besides the equivalent of a high school training required by the Illinois 
statute creating the degree of Certified Public Accountant, a thorough 
knowledge of primary accounting and routine bookkeeping. These 
subjects will be touched upon only to give the history and the founda- 
tion principles involved in a double entry system. Courses in book- 
keeping and in elementary accounting offered in the Young Men's 
Christian Association and other institutions of the city will enable 
students to make up deficiencies preparatory to entering on the work 
of the intermediate course. 

This course will be concerned primarily with the "how" of different 
accounting problems met with in a modern business office. It will 
deal with partnership accounts, their opening, management and 
closing; accounts incident to a corporation, including acquisition 
from individual ownership, the issue and treatment of capital stock, 
dividends, mergers of several companies, and liquidation; receiver's 
and executor's accounts and the accounts of banks and brokers. 
Cost accounts will be treated in a general way. The object of the 
course will be to give the student a knowledge of principles and pro- 
cedure as exemplified in modern accounting methods. In order to 
arrive at a clear idea of the principles underlying accounting opera- 
tions, the class will be expected to work out a large number of prob- 
lems in theory, auditing, and practical accounting. Answers submitted 
will be marked and returned after discussion in the class. Outline 
notes of all lectures will be furnished. 

Accounting, Advanced — Mondays Mr. Walton 

The course in advanced accounting will deal primarily with the 
"why" of accounting principles and will be confined to the scientific 
analysis of problems in practical accounting, theory, and auditing. 
A number of special and peculiar lines of accounts will be taken up, 


such as ** Municipal," ** Public Utility/' and "Insurance Accounts/' 
and the sub-divisions of '* Manufacturing'' accounts. Discussions, 
as far as possible exhaustive, v^ill be had on such topics as "Sinking 
Funds," "Reserve Accounts," "Depreciation," and "Good Will." 
Auditing v^ill be treated fully in connection with each subject. Ques- 
tions asked at the C. P. A. examinations of different states, w^ill be 
discussed with the object of reaching the accounting principles 
involved. Students will be^required to submit answers to all ques- 
tions, which will be returned with markings not only as to their cor- 
rectness but also as to clerical technique. To accustom the students 
to working under pressure of limited time, they will be required to 
note on each answer the amount of time consumed. Discussions in 
the class will be encouraged on all important points. The student 
is expected to be famiHar with the ordinary vocabulary of the account- 
ant and be able to understand the relations of different accounts to 
each other from the bookkeeping standpoint. Abstracts of lectures 
will be furnished each student. Students who complete this course 
with credit will be prepared for the C. P. A. examination. 

Finance — Tuesdays Professor Howard 

(a) The Economics of Finance — The place of Finance in our eco- 
nomic system; the financial principles arising from division of labor, 
private property, organization of industry, exchange, etc. 

(b) The Basis of Values — The underlying principles of value; 
capital and income, forms of capital investment — stocks and bonds 
and their value. Markets, stock exchanges. Wall Street. 

(c) Money — The principles of money, a description of our mone- 
tary system, compared with that of other countries. The Greenback 
movement of the 70's, the Free Silver movement, the Gold Standard. 
Demand and supply of gold. Legal tender. 

(d) Banking — The function of banks, the development of bank- 
ing, foreign banking systems, the Bank of England. 

Deposits and bank notes; elastic currency; the Canadian system; 
proposals of the American Bankers' Association. 

The National Bank Act; state banking laws. The money market, 
call loans, rate of interest, the relation between the New York banks 
and Wall Street, the U. S. Treasury and Wall Street. The principles 
of foreign exchange. 


(e) Credit — Loans and the granting of bank credit. The credit 
man in the bank. The business of deaHng in commercial paper. 
The principles of credit; collateral, the personal equation. 

(f) Panics and Financial Crises — The great panics of 1837, 1857, 
1873, 1893. The Wall Street panics of 1901 and 1903. The panic 
of 1907. The nature and causes of panics. Plans for the mitiga- 
tion of panics. 

Money AND Monetary Legislation — Tuesdays . Mr. Deibler 
To accommodate those students who completed the course in Finance 
last year and who desire to take full work during the present season, 
a special course is offered which will be devoted exclusively to the 
subject of money. The course will emphasize particularly the his- 
tory of monetary legislation and its effects upon prices and business 
conditions. The movement for a single and a double standard will 
be studied in connection with the world's production of gold and 
silver. Attention will be drawn to recent practical application of 
monetary principles to the installation of new systems of currency 
in the PhiHppines and other eastern countries. 

The course will be confined to students who have completed the 
first course in Finance and will be given only upon sufficient regis- 

Practical Economics — Wednesdays . . Professor Hotchkiss 
The aim of this course will be to give students an appreciation of 
the principles underlying the business activities of the community, 
and to enable them to apply sound economic reasoning to the prac- 
tical affairs of business hfe. The first part of the course will be con- 
cerned largely with establishing through discussion and illustrations 
drawn from concrete experience, the principles upon which values 
are based. 

(a) Value and Wants — Value dependent on wants. Business 
activity; the machinery for satisfying wants. Elements in business 
activity — production, exchange. Exchange and perfection of machin- 
ery for gratifying wants. Division and specialization of labor. De- 
velopment of present day business through increase and differentiation 
of wants. Growth of values. Value and scarcity. Effect of scarcity 
on wants. Inter-relation of scarcity and desire. Psychological 
element in value. 


(b) Measure of Value — The value of goods measured by willingness 
to exchange for other goods. Exchange of all goods for money. 
Money as a measure of value; as a medium of exchange; other func- 
tions of money; money and price. Distinction between value and 
price. Influences affecting price. Demand and supply. Meaning 
of demand. Demand as dependent on power to give something in 
exchange. Demand as affected by standard of living. Meaning 
of supply. Influences affecting supply. Effect of cost on supply. 
Meaning of cost. Inter-relation of supply and demand. Summary 
of fundamental principles of value. 

(c) The Principles of Value and Practical Business Problems — 
Wages; profits; interest; rent. Competition and monopoly. Prin- 
ciples of monopoly price. Illustrations of effect of monopoly. Con- 
ditions under which monopoly tends toward higher prices; toward 
lower prices; toward fixed prices. 

(d) Political Factors in Value — Stability of government; taxes; 
tariffs; government regulation of industry. 

(e) Principles of Value in Specific Lines of Business — ^Values as 
affected by particular lines of policy in individual concerns. Values 
as affected by the specific market conditions for particular products. 
Economic justification of different lines of policy. The place of 
economic principles in the practical conduct of business. 

A constant effort will be made to check general principles by appli- 
cation to concrete facts. Students will be expeced to draw from 
their experience and to participate freely in the discussions. 

Commercial Law — Thursdays Mr. Bays 

The work in Commercial Law is designed to give the student a 
knowledge of such legal principles as will be of practical assistance 
to him and give him greater efficiency in his business affairs. It also 
includes all those subjects, required for the examination for Certified 
PubHc Accountant. 

First Half Tear, (a) Contracts — This course will treat of the 
theory of contracts; offer and acceptance; express and implied con- 
tracts; consideration; form; statute of frauds (requiring some contracts 
to be in writing); construction of contracts; performance, breach and 
damages; of what contracts specific performance may be had, an«a 
other remedies. 


(b) Commercial Paper and Agency — The new negotiable instru- 
ments law of Illinois will be considered in detail and construed in the 
light of the law of merchants. Under this subject bills, notes, checks, 
certificates of deposits, bonds, stock certificates, bills of lading, ware- 
house receipts and other instruments of like character will be con- 
sidered. Also the rights, and liabilities of makers, payees and en- 
dorsers of negotiable paper; the steps necessary to be taken at maturity, 
presentment for payment, notice of dishonor, protest, etc.; defenses 
to suits, as alterations, infancy, usury, forgery, theft, fraud, etc. The 
subject of agency will treat the topics of real and apparent authority; 
ratification; undisclosed principles; duties of agents; powers of agents; 
torts of agents; and the effects of agencies in various business 

Second Half Tear, (a) Partnerships — Kinds of partnerships and 
partners; the tests and proofs of the partnership relation; firm name; 
firm capital and property; rights of partners; powers of partners to 
bind firm; rights of third persons against firm and members thereof; 
accounting by partners; dissolution of firm; limited partnerships. 

(b) Corporations — Kinds; theory of; charter; by-laws; capital 
stock; rights and duties of stockholders and directors; rights of 
creditors; ultra vires and intra vires; foreign corporations; dissolution 
and winding up of corporations. 

(c) Suretyships — The liabilities of sureties; rights of co-sureties; 
rights of sureties against principal on payment of debt; defenses of 
surety and discharge; indemnity and official bonds. 

(d) Carriers — The liability of the carrier at common law; the 
limitation of that liability; the bill of lading; connecting carriers; 
when liability begins, when ends; actions against carriers. 

(e) Sales — Elements of; when complete; stoppage in transitu; sales 
by sample; impHed and express warranties; breach of contract of 
sale and actions. 

The division of the subject into subheads is not intended to indicate 
the entire breadth of the course, but merely to give an idea of the scope 
of the work and suggest some of the main topics of information. 


Second and Third Years 
Elective Work 
It is expected that the work of the second and third years will be 
for the most part elective. The required subjects are designed to 
equip the student with the more fundamental principles applicable 
to business in general, after which he will adapt his course to the kind 
of business he is preparing to pursue. A student intending to devote 
himself to banking would naturally take as much work as possible 
in finance; if he intended to follow the railroad business he would 
elect work in transportation, and similarly for all the various lines of 
business for which the work of the Northwestern University School 
of Commerce is calculated to prepare. The University diploma 
granted at the end of the course will designate the special line of 
preparation which the student has followed. 

Range of Subjects 
The range of work for the second and third years of the course will 
be embraced in the following subjects with such additions as experi- 
ence may suggest. Except under special arrangement the wot k offered 
during the year 1 908-1 909 will be confined to the first year subjects 
as indicated above. The following outhne of work to be covered in 
the succeeding ''years is not to be regarded as a fixed schedule- of 
courses. In many cases the subject matter here described under a 
single head may well furnish the basis of several separate courses. 
The grouping of material moreover, in many cases will be subject to 
change; the general nature of the subjects will remain substantially 
as indicated. Wherever specific elective courses are announced for 
the second and third years it is with the understanding that they will 
be given only on sufficient registration. 

Advanced Work in First Year Subjects 

Higher Accounting 

A continuation of the intermediate and advanced courses designed 

primarily to broaden the foundation of students who intend to follow 

accountancy as a profession. Concrete problems not covered in the 

work of the preceding courses will be discussed. Specific application 


will be made of advanced principles of accountancy to particular lines 
of business; investment accounts, brokers' accounts, executors' and 
trustees' accounts, merchandising accounts, railroad accounts, manu- 
facturing accounts and cost keeping; problems involving the relation 
of the accounting to other departments of the business. Specialized 
courses in advanced accounting may be arranged as occasion demands. 


Advanced work in finance will include a consideiation of the fol- 
lowing subjects: brokerage; investments; speculation; financial 
panics and industrial depressions; corporation finance and se- 
curities; relation of banks to dealings in securities; function of 
banks contrasted with that of trust companies and savings institu- 
tions; organization and management of banks, of trust companies, 
of savings institutions; organization of stock exchanges; American 
and foreign banking systems; monetary systems and foreign exchange; 
foreign trade and international credits; public relations of banking. 

The advanced work will in many cases involve a more extensive 
study of subjects considered in the first year course. The grouping 
of subjects into individual courses is deferred until a later date. 

Advanced Commercial Law 
ItTis expected that after the first year at least, the topics in commer- 
cial law above outhned will cover two years of work. In addition, a 
course is contemplated in which afmore complete study of some of 
the subjects will be undertaken. The second half year of this course 
will be devoted largely to corporation law. A detailed study will be 
made of the rights and powers of corporations under the Illinois and 
the New Jersey Corporation Laws; the legal rights of stock and bond 
holders, majority and minority interests, methods of corporation 
government, their legal status. Public obligations of corporations. 

Courses in Industrial Organization 
and Management 

Work in this field will aim to bring to the use of students the ex- 
perience obtained in successful business undertakings. Typical 
up-to-date concerns in various lines of business will be selected for 


study. A first hand investigation will be made of their organization, 
division into departments, executive control, and the relation of the 
various departments to the whole. 

The more specialized courses in this subject will fall naturally into 
two groups; first, those dealing with the different divisions of large 
business concerns, such as buying, producing, selling, accounting, 
executive management; second, courses dealing with the principles 
and practice applicable to special lines of business as for instance, 
banking, brokerage, insurance, manufacturing, merchandising, trans- 
portation, shipping, real estate, mining, etc. 

Among the special subjects covered by the courses in business organi- 
zation will be the following: 

Establishment and Management of a Business 
Factors determining the time and place of opening a business: 
General political and industrial conditions; proximity to a stable and 
expanding market; probable competition, amount and kind; avail- 
ability and cost of materials and power; freight rates and transporta- 
tion facilities; rents; labor supply. Policy of management toward 
laborers — the open or the closed shop. The organization of depart- 
ments. Expansion through branch concerns; absorption of com- 
petitors; division of business between branches; tests of efficiency of 
branches. Large scale production, development of markets; disposal 
of surplus product; cultivation of foreign markets. Relation between 
the producing and finance elements in large business. Consistency 
of general executive policy. Material for the course will be drawn 
from concrete experience. 

Advertising and Salesmanship 

A study of the tests by which the relative advantages of advertising 
media can be determined. The relation of volume and character of 
periodical circulation to advertising value. A study of the quality 
of publicity furnished by different sorts of advertising and its adapt- 
ability to various kinds of goods. The mechanical and artistic 
elements in advertising. The psychological basis of advertising. 
Analysis of successful advertisements with reasons for their success. 

Principles of successful selling. The psychological element in 
salesmanship. The logical presentation of arguments; study of the 
customer's wants. Salesmanship by letter. Literature and personal 


correspondence. Organization of national and international selling 
agencies. Special problems in salesmanship. Successful! selling 


Development of the insurance feature in modern business. Place 
of insurance against fire, accident and other calamities in business 
organization. Mathematics of insurance; kinds of policies; risks, 
as affected by provision for preventing fire and by other circum- 
stances. Contrasts between fire and life insurance. Employers* 
liability insurance. Investment of insurance funds. Public aspects 
of insurance; state regulation. 

It is expected that special courses dealing with the various kinds 
of insurance will be organized for the benefit of advanced students 
who are preparing to devote themselves to a particular line of insur- 
ance business. 


The converging of great railroad systems with their central 
offices in Chicago presents pecuHar opportunities for work in this 
field. The courses offered will deal as far as possible with concrete 
material and will aim to present the important facts of American 
railway organization. A study will be made of different railway 
systems as concerns their location; the traffic conditions prevailing in 
their territory; character of traffic; relation of different kinds of traffic; 
location of terminals; methods of handling traffic; classification of 
traffic; principles and practice in rate making; domestic, export and 
import, local and through rates, territorial classification of rates, 
terminal charges. Executive management and general policy of 
different railroad systems. Government regulation; problems of 
railway management presented by state and federal regulation. 

The wealth of material in this field and the great specialization 
of the railway business will probably necessitate dividing the work 
into a number of different courses. 


The fact that Chicago is the great central market of the country 

makes it especially desirable that the experience and the material 

pertaining to the organization of its great mercantile establishments 

should become available for the young men whose efficiency will 


determine both their own success and the commercial future of the 
city. Courses offered will involve a study of the organization of the 
wholesale and retail trades, the question of credits, principles involved 
in the co-operation of dealers through commercial organizations 
such as the Association of Commerce. A study will be made of lead- 
ing establishments in different lines of business both wholesale and 
retail; their division into departments, buying and selling policy; 
organization of the executive branch of the business; methods of 
holding departments responsible; general executive policy. The 
constant aim of the work in this field will be to bring out by criticism 
and discussion the principles involved in successful experience. 
Frequent lectures by experienced business men possessing special 
knowledge of the topic under discussion will supplement the regular 
class exercises. 


Publicity is the keynote of modern business. The publishing 
business is important not only as an independent industry but also 
as an adjunct of every important Hne of business. The official organ 
is an indispensable element of every thriving trade. Publishing will 
be studied from both these points of view. Typical publishing in- 
stitutions will be observed and their organization discussed. The 
organization of the different branches of the business, as book pub- 
lishing, newspaper publishing, magazine publishing, will be studied. 
Discussion will be had of the relation of pubHshing to other Hnes of 
business. The aim will be to present the actual facts and principles 
involved in the present organization of the industry. Representatives 
of important publishing firms will assist in the presentation of the work. 

Real Estate 

Principles and practice involved in the management of real property. 
Factors determining the value of real estate in different locations; 
residence neighborhoods, suburban real estate; real property and 
transportation facilities; effect of location and arrangement of streets; 
business properties; office buildings. Practice connected with the 
purchase and sale of real estate; methods of acquiring title; rights 
and privileges of purchaser under mortgage; under conditional sale. 
Law and usage concerning landlord and tenant; position of subtenant. 
Relation of real estate transactions to contracting and buildingenterprise. 


Courses Dealing with the Economic and PoHtical 
Bases of Business 

Economic Geography and Foreign Trade 
A comparison of the resources and leading industries of different 
countries. Trade conditions arising out of the systems of business 
organization in different countries. Foreign countries as markets 
for American goods, as places of investment for surplus American 
capital. Trade conditions in South America, in the Far East. In- 
fluence of shipping on foreign trade. Organization of ocean com- 
merce. Effect of tariffs on international trade. Influence of stock 
and produce exchanges on foreign trade. 

Economic Problems 
Industrial conditions arising out of concentration of industry. 
Economic progress of the last century; the development of resources; 
improved methods of production. Development of industrial classes. 
Business as affected by the consuming capacity of the population; 
comparison of the consuming capacity of American v^ith foreign popu- 
lations. The labor problem in different parts of the world; the 
development of trade unions; present status of unionism; influence of 
unions in business organization; different policies toward unions. 
Consolidations of capital; effects of consolidation on business organi- 
zation. Discussion of present economic conditions in business. 

Public Relations of Business 
Work in this field will involve a consideration of the way in which 
business comes in contact with the community and the government. 
The relations of a large business concern to the city, the state, the 
nation. The business man as citizen. Civic functions of commercial 
bodies such as associations of commerce, commercial clubs, boards 
of trade, etc. 

The government as a regulator of business; regulation of the hold- 
ing and transmission of property; regulation of dangerous and offen- 
sive trades; regulation of traffic in streets, of use of sidewalks, alleys, 
etc.; regulation of corporate organization, of money and finance, of 
commerce; regulation of public service industries such as railways, 
street railways, gas and electric light companies, telephone and 


telegraph companies, water and power companies. Effect of public 
service industries on the business conditions of a town or city. In- 
fluence of public regulation on production; regulation from the point 
of view of the consumer. Critical discussion of the object, efficiency, 
and general policy of public regulation. 

Additional Courses 

The connection of the school of commerce with other departmen ts 
of the university and its proximity to neighboring institutions will 
enable it to offer, after the first year, additional courses for which 
there is sufficient demand. Numerous subjects not included neces- 
sarily within the scope of a general course in commerce may be indis- 
pensable for certain lines of business activity. The following are 
some of the courses for which there is likely to be a demand: 

Business English 

The ability to use the English language with dignity and force is an 
indispensable part of a business man's equipment. Students who 
lack this ability will be expected to make up their deficiences before 
graduation. English work offered in the School of Commerce will 
assume a knowledge of ordinary forms and will aim to give students 
a more complete mastery of the language and greater fluency of 
expression. Drill and criticism in the writing of arguments, themes, 
letters, reports, and other forms of composition will be an important 
feature of the work. 

Commercial Spanish 

Our insular possessions and the relations of the United States with 
the South American Republics make a knowledge of Spanish indis- 
pensable to many lines of business activity. 

Commercial German 

The unparalleled expansion of German commerce during the last 
half century and the entry of the Germans into all the markets of the 
world makes a knowledge of the German language a condition of 
successful competition in many lines of foreign trade. 


Industrial Chemistry Industrial Engineering 
Economic Geology 

It is probable that a number of students in the last year of their 
course will desire elementary work in one or more scientific subjects 
intimately connected with certain lines of industrial activity. The 
laboratories located in the upper stories of the Northwestern University 
building, in use during the day by the schools of pharmacy and den- 
tistry, will make it entirely practicable to meet demands of this kind. 

Application for Additional Courses 

Students desiring to pursue work of a university grade not an- 
nounced in this bulletin should make application at the office, Room 
224, early in the year. This will facilitate an advance estimate of the 
demand and may make possible, provision for work which otherwise 
could not be arranged. As soon as practicable, applicants will be 
advised whether the establishment of the desired courses appears 

Special Lectures 

Provision has been made by which members of the Board of Guar- 
antors and other men prominent in the business and professional life 
of the community will from time to time give general lectures to all 
the students in the school. In addition to this, regular instruction 
in the several courses will provide, wherever practicable, for fre- 
quent lectures by men who, from their experience, are in a position 
to speak authoritatively upon the practical side of subjects under 


General Announcements 


Applicants must be at least eighteen years of age. Every candidate 
for admission who has not had the equivalent of a high school course 
will be asked to submit a statement of his training and business ex- 
perience; in case of doubt concerning his qualifications, he will be 
asked to take an examination. 

It is expected that a large portion of the students will have had the 
advantage of a complete high school training and the equivalent of 
such training will ultimately be required of all candidates for 
a diploma. The university recognizes, however, that many young 
business men who have not completed a high school course are 
superior in mental power to less experienced men with better scholastic 
opportunities. The criterion for admission to the several courses 
will be the ability to pursue the work with profit. Only applicants 
will be registered who have a good prospect of carrying the work 

The Young Men's Christian Association and other institutions in 
the city offer courses which will in many cases enable students to 
make up deficiencies preparatory to entering the School of Commerce 
at a later date. 

Single Subjects 

Those who are not in a position to register for the complete diploma 
course may take any single subject for which they are prepared. Should 
the student later decide to complete the full course, subjects so taken 
will be duly credited. 

Methods of Instruction 

Instruction will be adapted to the nature of the subject under con- 
sideration. Lectures by the instructor will be supplemented by 
free discussions and questioning, in which the members of the class 
will participate. References will be made wherever practicable, to 
different books in which the subjects taken up in class are further 
discussed. It is expected that students will make a practice of noting 


for further study important points covered in the work of the class. 
Text books will in general give place to mimeograph copies of lectures 
and class exercises with which students will be furnished. The 
object of the instruction at all times will be to encourage self-expression 
and a thorough-going mastery of the subject. 

Graduation and Diploma 

The foundation of the School of Commerce provides that the trus- 
tees of Northwestern University upon recommendation of the Faculty 
of the School of Commerce shall grant a diploma to students who 
have completed satisfactorily its prescribed courses. Students are 
strongly advised in their own interestto complete a full diploma course. 

Degree of Certified Public Accountant 

By act of the General" Assembly passed May 15, 1903, provision 
is made for a state examination for the degree of Certified PubHc 
Accountant. The Illinois Society of Certified PubHc Accountants 
has long contemplated founding a school in which should be given the 
work necessary to prepare for this degree. One of the results of 
commercial development during the last generation has been the growth 
in importance of the accounting profession. A knowledge of account- 
ancy is becoming almost indispensable to the successful conduct of 
every business. Business efficiency demands, moreover, that the 
professional accountant shall be a man of broad and fundamental 
training and of recognized professional standing parallel to that of 
the lawyer and the physician. The close connection of the school of 
Commerce with the leading men of the profession will enable it to 
set a high standard of professional training. 

The administration of the state law is placed upon the University 
of Illinois, but it is the purpose of the Northwestern University School 
of Commerce to co-operate in every possible way in providing the 
training necessary to the successful operation of the law. The bulle- 
tin of the University of Illinois concerning the degree of Certified 
Public Accountant may be had on application. 


Membership in the University 

The mass of material offered by the business activities of the city 
and nation constitutes the laboratory of higher commercial education. 
In harmony with the tendency toward specialization in other lines, 
the work of systematizing this material and reducing it to teachable 
form is becoming in large measure the special task of University 
teachers. The establishment of the School of Commerce will naturally 
result in expanding the University work along commercial and eco- 
nomic lines. The instructing staff of the school will be drawn from 
the several departments of Northwestern University augmented 
wherever desirable by lecturers from the various professions and from 
other universities. As the School of Commerce is an integral part of 
the University, its students will be members of the University in every 
sense of the word. 

Credit in Other Departments of the University 

Upon fulfilment of entrance requirements and payment of matricu- 
lation fee, students in the School of Commerce may be entered as 
candidates for degrees. Upon vote of the faculty of any department 
of the University, work in the School of Commerce along Hues covered 
by the curriculum of the department may be credited toward fulfill- 
ing the requirements for a degree. 

Day Work 

It is not proposed to confine the work in commerce to students in 
evening courses. A large proportion of the subjects which should 
come within the scope of a day course in commerce are now offered 
at Evanston, as a regular part of the curriculum in the College of 
Liberal Arts (See University Catalogue, pp. 88-91). It is expected 
that these courses will be supplemented by other courses at Evanston, 
and that arrangement will be made by which regular university students 
who are preparing for a business career may take the last year of their 
college work in Chicago, where they will be in close contact with the 
commercial activities of the city. Students entering the University 
in the fall of 1908 by choosing their elective studies along commercial 


lines, should be able either at the end of their course or by taking an 
additional year to receive both the college degree and the diploma 
of the School of Commerce. 

Out-of-Town Students 

The evening courses are primarily for the benefit of men who are 
regularly employed in business in Chicago. The Dean and Secretary 
will be glad, however, to communicate with men from a distance who 
desire to avail themselves of the opportunities of the school. It is 
not impossible that in some cases prospective students can secure 
positions in the city. Such an arrangement would add to the advan- 
tages of the school, those of a broader business experience. 

Consular Service 

While the curriculum of the School of Commerce has not been 
specifically arranged to meet the demands of consular examinations 
now in force, it is obvious that efficiency and success in promoting 
American commercial interests abroad demand a thorough mastery 
of the fundamental principles underlying American business. It is 
hoped that special courses may later be arranged for students who are 
preparing for the consular service. In the meantime, courses offered 
in the School of Commerce, supplemented by courses in the College 
of Liberal Arts and Law School will furnish the preparation required. 


The tuition fees in the School of Commerce will be as follows: 

For full diploma course, four evenings of 2 hours each per week ^75.00 

For three subjects, three evenings per week 60.00 

For two subjects, two evenings per week 45«oo 

For one subject, one evening per week 25.00 

Tuition is divided into four equal installments, payable October 
12, 1908, December 7, 1908, February 15, 1909, and April 5, 1909, 

Students who become candidates for a degree will be required to 
pay the matriculation fee of five dollars. 


Until regular day work in Chicago is established in the School 
of Commerce, students in other departments of the University will 
be admitted to the courses of the School of Commerce upon payment 
of the fees required in their respective departments. 

No tuition will be refunded except upon satisfactory evidence that 
illness compelled the student to withdraw permanently from the School. 


A number of business men have offered scholarships in the School 
of Commerce to men in their employ. It is expected many em- 
ployers will avail themselves of this opportunity to encourage 
ambitious young men and to show their appreciation of the qual- 
ities that make for efficiency and progress. 


Registration for work in the School of Commerce may be made at 
the hours indicated below or at the regular time of meeting of the 

Hours for Consultation 

The office of the School of Commerce, in Room 224, Northwestern 
University Building, at the corner of Lake and Dearborn Streets, 
Chicago, will be open after September 15, 1908. 

Between September 15th and October 5th, the Dean or Secretary 
will be at the office from 12 to 6 daily, Saturdays from 12 to 2. Con- 
sultation at other hours will be arranged, upon request. Office hours 
after the opening ofthe academic year will be announced later. 

Address all correspondence to the Northwestern University 
School of Commerce, Lake and Dearborn Streets, Chicago. 



Students Registered in Courses in 
Finance and Accounting 

for the Year 1907-1908 

Barber, Henri Newton 
Barlow, Simon 
Bennett, Alfred Ross 
Burnham, Hubert 
Burnham, John 
Chace, Paul Griswold 
Corkill, Paul Paschal Cervera 
Crilly, Steven A. 
Daley, Thomas Andrew 
Davies, Elmor G. 
Drummond, John McDonald 
Elliott, Fred 
Espy, Ralph E. 
Fish, Clarence Everett 
Ford, Charles Allinder 
Forstall,''James Jackson 
George, Bradley Frank 
Gilby, Joseph Henry 
Gilson, James Harold 
Goetz, Albert 
Hackley, Gustavus Levant 
Harrington, Charles N. 
Harsha, Edward Houston 
Henderson, Frank Henry 
Hewitt, Norman Bailey 
Hillstrom, George Richard 
Hillstrom, Nellie Helena 
Horwich, Arthur Nathaniel 
Hubbard, Lyman Josiah 

Hults, Robert Lawrence 
Immerfall, Walter Francis 
Kraemer, Theodore 
Lake, Richard Randolph 
Langer, Charles Herman 
Luther, Clarence Job 
Mason, Frederick Henry 
Mason, WilHam Ernest, Jr. 
Meguire, Harold Hykes 
Mitchell, Karl Maurice 
Moeller, Ernest Augustus 
Mueller, Walter Andrew 
Parker, Mortimer Brainerd 
Pollitzer, Joseph 
Rastall, Ernest Shurly 
Read, Edwin Lewis 
Renn, G. B. 
Renwick, John Stuart 
Rosenthal, Herman Leonard 
Salter, Lewis J. 
Schnoor, Bernhardt Nicholas 
Smith, Lewis Addington 
Speedie, Arthur Davis 
Strohbehn, Fred Charles 
Shaw, Arch Wilkinson 
Staehle, Robert Hallefas 
Walker, Ralph Millard 
Willard, C. B. 
Witt, Charles 

C The location of Northwestern University in and 

near a large city, and property to the value of 

$9,000,000, afford advantages that cannot be 



at Evanston, in an ideal college community, offers 

preparation for pursuits requiring broad training. 

C THE MEDICAL SCHOOL is one of the oldest 
and largest. Seven hospitals are open to students. 

C THE LAW SCHOOL, the oldest law school 
in Chicago, offers unexcelled library facilities and 
prepares for immediate practice in any state. 

scientific training in Pharmacy and Chemistry. 

a THE DENTAL SCHOOL offers expert train- 
ing in theory and practice. Facilities unsurpassed. 

C THE SCHOOL OF MUSIC affords preparation 
for music as an accomplishment and a profession. 

advanced courses in all branches of engineering. 
New building completed 1908. 

offers University courses in accounting, banking, 
and business principles. Located in Chicago's 
business center. 

C The University maintains Academies at Evans- 
ton and Elgin, the Grand Prairie Seminary at 
Onarga, and the School of Oratory at Evanston. 
Address the President, 87 Lake Street, Chicago. 

Cbansiton anb Cijttago 

Designed and Printed by the Kimball Press, Evanston, Illinois 

3 0112 105752833 

Application made for entry as second-class matter 
Bulletin of Northwestern University 
at the Postoffice at Evanston, Illinois 

Issued every month except 

January, February, April and October 

from University Hall, at Evanston, Illinois